By their nature, free markets promote harmony between people and increase overall standards of living. This view is radically different from the ones promoted by Marxists who believe that only “class interests” matter. Original article: Free Markets Promote Peaceful Cooperation and Racial Harmony
Totalitarian bureaucracy necessitates a constant state of crisis and there is no better creator of crises than imperial machinations. Original article: Empire as the Price of Bureaucracy
Like Santa, who gives free gifts to our children, people think of the state as providing services “for free.” However, the state cannot provide anything without first confiscating wealth from others—like the Grinch, who first stole all the presents in Whoville. Original article: The State Isn’t Santa Claus, It’s the Grinch!
A common refrain among college fans is, "The Transfer Portal and NIL are ruining college sports." But are they? Before we can answer that question, we have to be able to explain what is happening, and Austrian economics provides the best analytical tools. Original article: Are the Transfer Portal and NIL Ruining College Sports? Explaining the Changes Using Austrian Economics ...
Britain‘s new Labour Government is doing what leftist governments always do: raising taxes on everyone, but pretending that only the wealthiest citizens will pay more. Middle-class British farmers are quickly finding out that the taxman is coming for them too. Original article: Inheritance Tax Hikes Threaten Farmers’ Property Rights in the UK
President-Elect Trump has been threatening tariffs against BRICS countries unless they abandon their plans to abandon the US dollar. While Trump may come off as being "tough" in his negotiations, he cannot bluster his way to a stronger dollar, thanks to reckless monetary policies. Original article: Tariffs Won’t Save the US Dollar
Perhaps John Maynard Keynes' best con job was convincing people that a growing economy needs inflation, lots of inflation. As David Gordon points out, however, Ludwig von Mises eloquently explained why inflation undermines the free market economy. Original article: The Inflationist View of History
No macroeconomics or monetary theory course is complete without introduction of the Equation of Exchange, or MV = PQ. However, this equation explains nothing, praxeologically speaking. Instead, it clouds our understanding of how money fits into our economy. Original article: A Praxeological Critique of the Equation of Exchange and Neutrality of Money ...
The Trump team plans to tinker with government spending, but this does nothing to address the real problem which is the current inflationist monetary experiment. Original article: Under Trump, Expect No Change to the Monetary Status Quo
Most editorialists and pundits have labeled Jimmy Carter's presidency a failure, but his activities after he left office as a rousing success. The truth is that his successful deregulation efforts have left a positive and lasting legacy. Original article: Jimmy Carter’s Legacy Is Much More than Good Deeds Done in His Later Years
Higher education has managed to con huge numbers of young people to take out six-figure loans in order to have the “college experience.” However, the so-called benefits to college are turning out to be a chimera, all funded by increasing indebtedness. Original article: How the Nanny Campus Will Fight to Keep Taxpayers Hostage
The Cultural Revolution continues apace in this country and it is aimed at all of the old Confederate symbols from statues to the Confederate Battle Flag. With leftist progressives there can be no discussion. Any symbol from the South equates to racism and nothing else. Original article: Marxism and the Cultural Revolution
Thanks to the Fed's balance sheet and the Fed's policy on reverse repurchase agreements, it's hard to tell whether the Fed is being hawkish or dovish. Original article: Is the Fed Loosening or Tightening? It’s Complicated.
The Austrian school recognizes that economic analysis is timeless and the ancient story of “The Poor Man of Nippur” provides an excellent example. From time preference to the structure of production, many of the lessons are contained in this story. Original article: The Poor Man of Nippur and Austrian Economic Principles
One of the fallacies pushed by monetary economists is that a growing economy needs a growing supply of money in order to prevent deflation, which they claim is as harmful as inflation. However, as Austrians point out, there is no “optimum” amount of money in the economy, since prices adjust. Original article: Should Central Banks Accommodate Increases in Demand for Money? ...
Fifty years ago today, December 11, 1974, F.A. Hayek gave his Nobel Lecture in Sweden. The conflict between what the public expects science to achieve in satisfaction of popular hopes, and what is really in its power, is a serious matter. Original article: The Pretense of Knowledge
President-elect Donald Trump has declared that he will raise tariffs his first day in office. Our economy, however, does not need government-created roadblocks to trade. Instead, we need free exchange and sound money. Original article: We Desperately Need Sound Money, Not Tariffs
The child-like obsession with buying stuff that American society is often criticized for around Christmas is a sought-after result of our government’s monetary policy. Original article: America’s Problem with Consumerism Is the Government’s Fault
Those carrying out government directives are even less bound by law than they were a few years ago, and talk about new bureaucrats is beginning to resemble the Kremlinology of the Cold War. Original article: “Personnel Is Policy” Means the Rule of Law Is Dying
One important difference between the Austrian and other schools of thought is the emphasis Austrians place upon purposeful human behavior. Consumption by individuals is not random, but rather purposeful action driven by subjective individual preferences. Original article: Subjective Valuation Versus Arbitrary Valuation
"Hurry up and wait" is often the reality of medical care. We shouldn't be surprised to know that long lines and government intervention go together. Original article: The Economics of Medical Waiting Rooms
Bitcoin is many things to people and it certainly has developed into a valuable asset. It also has been used as a medium of exchange. But is it money? According to Austrian economics, the answer is “no.” At least not yet. Original article: Bitcoiners’ Guide to Austrian Economics
In replying to a previous article by Frank Shostak, Douglas French writes that if an increase in the supply of gold ultimately leads to an expansion of bank credit, that is enough to start the boom-and-bust cycles, even if there is no central bank to accelerate the process. Original article: A Reply to Shostak: Can Increases in the Gold Supply Cause a Business Cycle? ...
Much of the failure of American schools is due to the adherence to a flawed system of teaching students how to read. Homeschoolers often don‘t seem to have that problem, and there is a good reason why. Original article: The Nation’s Reading Instruction Disaster
The Biden administration, and the political establishment more broadly, is scrambling to ram through policies that a majority of voters just voted against. Their actions expose that their supposed commitment to democracy is a lie. Original article: The Establishment’s “Principles” Are Fake
Ralph Raico presents the fundamental political problem of the twentieth century, which remains our fundamental political problem today: How can war—given its appalling destruction—be avoided? Original article: Ralph Raico: A Great Historian
Modern academics are relentless in trying to find any nuances they can from the works of Karl Marx, but they miss the larger issues with his work. Marx was alive and active when the marginalists logically took apart his value theory, but hope springs eternal for Marx‘s supporters. Original article: The Missing Secret
A modern misconception of antebellum slavery is that it “built the country.” Actually, the institution of slavery, economically speaking, was a deadweight loss to the US economy. Original article: Slavery—Cronyism, Opportunity Cost, & Deadweight Loss
Washington has wielded the sanctions weapon against nearly a third of all nations on earth. It is time to rethink these policies, and one hopes the incoming Trump administration will do just that and change course. Original article: The Second Trump Term and the “Sanctions Industrial Complex”
While the US dollar still is the world‘s “reserve” currency, its abuse by the Federal Reserve and federal government has weakened it precipitously. While President-elect Trump recognizes the threats to the dollar, is he willing to do what needs to be done to change the situation? Original article: Can Trump Save the Dollar?
